BUREAU OF INTERNAL REVENUE
The Bureau of Internal Revenue issued Revenue Memorandum Order (RMO) No. 12-2017, 16 May 2017, to provide guidelines and procedures in the processing and issuance of Certificate of Tax Exemption (CTE) and Electronic Certificate Authorizing Registration (eCAR) on transfers of raw lands to Community/ Homeowners Associations (C/HA) for socialized housing projects under the Urban Development and Housing Act of 1992 [Republic Act (RA) No. 7279].
The RMO applies only to transfer of raw lands to C/HA covered under the Community Mortgage Program of RA No. 7279, as duly certified by the Social Housing Finance Corporation.
The application for the issuance of the CTE shall be filed directly with the Office of the Commissioner. The application shall not be processed unless the requesting party complied with the required documentary requirements.
The Revenue District Office (RDO) concerned shall process, approve and issue the necessary eCAR within five (5) working days from the date of submission of the CTE. The CTE should be a sufficient basis for the RDO concerned to issue the eCAR and no other documents shall be required from the taxpayer/landowner requesting for the eCAR.
SECURITIES AND EXCHANGE COMMISSION
The Securities and Exchange Commission (SEC) issued the following Memorandum Circular (MC):
SEC MC No. 07, Series of 2017, 30 March 2017, limits the requirement for “Group C” accredited independent auditors/certified public accountants of financing and lending companies per asset size.
The MC provides that mandatory requirement for “Group C” accredited external auditors/ certified public accountants for the following shall no longer be required:
- Financing companies whose asset in the preceding fiscal year is Ten Million Pesos (Php10,000,000.00) and below;
- Lending companies whose asset in the preceding fiscal year is Five Million Pesos (Php5,000,000.00) and below.
SEC MC No. 08, Series of 2017, 20 April 2017, provides for the signatories and penalty for non/late submission of the Manual on Corporate Governance (MCG).
The MC reiterated SEC MC No. 19 Series of 2016 that directs publicly-listed companies (PLCs) to submit a new MCG, pursuant to the new Code of Corporate Governance for PLCs, on or before 31 May 2017.
The SEC Mandated that the signatories to the MCG of the PLC are the following:
- Chairman of the Board; and
- Compliance Officer
The penalties for the non/late submission of the MCG are as follows:
|Basic Penalty||Php 20,000.00|
|Monthly Penalty||Php 2,000.00|
The monthly penalty will accrue until the new MCG is submitted to the SEC.
The MC shall take effect 15 days after its publication in a newspaper of general circulation.
(RGM&Co. Note: The MC was published in Philippine Star and the Manila Times on 11 May 2017).
InTAX: June 2017 Issue 6 Vol. 2